每经AI快讯，11月3日，AI应用端延续上周强势，福石控股20cm两连板，此前吉视传媒、三七互娱、天 下秀涨停，三六零、万事利、蓝色光标、蜂助手等跟涨。 （文章来源：每日经济新闻） ...

经济观察网 AI应用端延续上周强势，福石控股（300071）20cm2连板，此前吉视传媒（601929）、三 七互娱（002555）、天下秀（600556）涨停，三六零（601360）、万事利（301066）、蓝色光标 （300058）、蜂助手（301382）等跟涨。消息面上，第三方机构QuestMobile近日发布的2025年三季度 AI应用行业报告显示，我国AI应用移动端月活跃用户规模已突破7亿大关。截至2025年9月，移动端月 活跃用户量达到7.29亿，PC（个人电脑）端为2亿。 ...

证券研究报告 | 2025年11月02日 可交换私募债跟踪 私募 EB 每周跟踪（20251027-20251031） 固定收益快评 | 证券分析师： | 王艺熹 | 021-60893204 | wangyixi@guosen.com.cn | 执证编码：S0980522100006 | | --- | --- | --- | --- | --- | | 证券分析师： | 吴越 | 021-60375496 | wuyue8@guosen.com.cn | 执证编码：S0980525080001 | | 证券分析师： | 赵婧 | 0755-22940745 | zhaojing@guosen.com.cn | 执证编码：S0980513080004 | 我们定期梳理从公开渠道可获得的最新的可交换私募债（私募 EB）项目情况，对私募可交换债项目做基本 要素跟踪，私募发行条款发行过程可能有更改，请以最终募集说明书为准，发行进度请与相关主承销商咨 询。 上周新增项目信息如下：（部分项目因合规原因未予列示） 1. 盈峰集团有限公司 2025 年面向专业投资者非公开发行可交换公司债券项目获交易所通过，拟发行规模 为 ...

目前，公司已启动再融资计划，相关预案已通过董事会和 股东大会审议。再融资将用于算力中心建设、智能硬件升级改 造和 SoC 芯片研发，这些将有力支撑物联网流量运营和解决方 案业务板块，以及云终端技术和算力运营业务板块发展，并协 同带动数字商品的综合运营业务板块在新渠道、新载体的销 售。基于行业机遇和自身能力建设，公司对 2026 年实现比 2025 年更大的发展充满信心。 2、公司在年初作为云手机领域的标杆企业受到市场广泛 关注。请介绍目前云手机及相关业务的发展状态，以及公司对 未来发展的具体思路和规划。 基于云终端技术和算力运营业务板块的应用方向，公司经 过五年多的研发积累，在应用模式与场景的产品设计上已形成 较为体系化的布局。目前，公司主要围绕三个方向重点推进此 业务板块的应用落地。 证券代码：301382 证券简称：蜂助手 蜂助手股份有限公司投资者关系活动记录表 编号：2025-006 | | 特定对象调研 □分析师会议 ☑ | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 动类别 | □现场参观 | | | ☑ 其他 投资者通过 ...

10月30日，蜂助手跌1.61%，成交额2.84亿元。两融数据显示，当日蜂助手获融资买入额2690.16万元， 融资偿还4446.33万元，融资净买入-1756.17万元。截至10月30日，蜂助手融资融券余额合计4.73亿元。 机构持仓方面，截止2025年9月30日，蜂助手十大流通股东中，信澳优势行业混合A（024473）位居第 二大流通股东，持股404.69万股，为新进股东。香港中央结算有限公司位居第五大流通股东，持股 247.63万股，相比上期增加160.40万股。信澳景气优选混合A（013721）位居第七大流通股东，持股 153.91万股，为新进股东。 融资方面，蜂助手当日融资买入2690.16万元。当前融资余额4.73亿元，占流通市值的7.91%，融资余额 超过近一年60%分位水平，处于较高位。 责任编辑：小浪快报 截至9月30日，蜂助手股东户数3.15万，较上期减少9.61%；人均流通股5615股，较上期增加43.30%。 2025年1月-9月，蜂助手实现营业收入15.51亿元，同比增长41.64%；归母净利润1.34亿元，同比增长 46.65%。 分红方面，蜂助手A股上市后累计派现4891.91万 ...

事件：蜂助手发布2025 年三季报。公司前三季度实现营业收入15.51亿元，同比增长41.64%；实现归母 净利润1.34 亿元，同比增长46.65%；实现扣非归母净利润1.32 亿元，同比增长46.60%。 投资建议： 预计公司2025-2027 年营业收入分别为20.11/25.64/31.88 亿元，归母净利润分别为 2.02/2.74/3.44 亿元。维持"买入"评级。 风险提示：新业务拓展不及预期，技术研发不及预期，行业竞争加剧。 定增布局算力中心、智能体终端和端侧AI 芯片。公司于9 月30 日发布2025 年定增预案，计划定增募资 9.84 亿元，投向云终端算力中心（5.5 亿元）、物联网终端智能化升级（2.2 亿元）、瘦终端SoC 芯片研 发（2.1 亿元）。其中，云终端算力中心一期已启动约700 个机柜建设，为公司AI 终端、云游戏等业务 提供算力支持，相比租赁算算力成本大幅下降。物联网升级项目构建"端侧智能体+云端算力"架构，应 用于智能音箱等终端，推动战略转型至智能化服务生态。瘦终端SoC 芯片研发项目通过自主研发SoC 芯 片赋能AI 终端厂商，提供算力、算法及服务整体方案。 定增募投 ...

Core Viewpoint - The company, Bee Assistant (301382.SZ), announced a significant impairment provision totaling 14,657,206.74 yuan for various assets, impacting its profit for the year-to-date period ending September 2025 [1] Summary by Categories Impairment Testing - From the beginning of 2025 to the end of the third quarter, the company conducted impairment testing on receivables, inventory, and other assets, resulting in a total impairment provision of 14,657,206.74 yuan [1] Breakdown of Impairment Provisions - The breakdown of the impairment provisions includes: - Bad debt provision for receivables: 13,983,227.35 yuan - Inventory write-down provision: 303,381.91 yuan - Bad debt provision for notes receivable: 17,388.83 yuan - Bad debt provision for other receivables: 353,208.65 yuan [1] Impact on Profit - The impairment provisions reduced the company's total profit by 14,627,206.74 yuan for the year-to-date period ending September 2025 [1]

Core Insights - The company reported significant growth in its financial performance for the first three quarters of 2025, with a revenue of 1.551 billion yuan, representing a year-on-year increase of 41.64%, and a net profit attributable to shareholders of 134 million yuan, up 46.65% [1] - In Q3 alone, the company achieved a revenue of 568 million yuan, a remarkable year-on-year growth of 57.57%, and a net profit of 58.32 million yuan, which is a staggering increase of 196.69% [1] Fundraising and Strategic Projects - The company announced its first private placement plan since its listing, aiming to raise no more than 984 million yuan for three major projects: "Cloud Terminal Computing Power Center Project," "IoT Terminal Intelligent Upgrade Project," and "Thin Terminal SoC Chip Technology R&D Project" [1] - The chairman, Luo Hongpeng, plans to subscribe to at least 10% of the actual number of shares issued in this fundraising [1] Business Strategy and Development - The fundraising aligns with the company's development strategy focusing on "one foundation, two directions," emphasizing the synergy of three core business segments: 5G networks, cloud terminal platforms, and AI hardware [2] - The construction of the computing power center aims to create a distributed computing network that is efficient, stable, and scalable, significantly reducing costs by approximately 60% compared to leasing third-party data centers [2] - The IoT terminal intelligent upgrade project will enhance existing products with AI technologies, improving user experience and opening new sales channels for digital virtual goods [2] R&D and Future Directions - The "Thin Terminal SoC Chip Technology R&D Project" focuses on developing a complete technical system for lightweight AI computing and cloud collaboration, supporting the company's cloud terminal business [3] - The company aims to transition from selling hardware to operating an ecosystem, enhancing its position in the industry value chain through "AI+" services [3]

Core Insights - The company reported a revenue of 1.551 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 41.64%, with a net profit of 132 million yuan, up 46.60% [1] - In Q3 alone, the company achieved a revenue of 568 million yuan, a significant increase of 57.57%, and a net profit of approximately 56.69 million yuan, which represents a remarkable growth of 195.42% [1] - The strategic impetus behind this robust growth is attributed to the company's first-ever private placement plan since its listing, alongside a forward-looking layout in the computing infrastructure sector and deep collaboration among its three main business areas [1] Business Strategy and Development - The company is focusing on building a sustainable business model centered around "cloud nurturing chips," leveraging 5G networks and cloud terminal platforms, with AI hardware as the entry point and self-developed low-power SoC chips as the connection medium [1][2] - The company has positioned the construction of cloud terminal computing centers as a strategic priority, with a private placement plan of 984 million yuan, over 500 million yuan of which is allocated to the "cloud terminal computing center project" [2] - The first phase of the computing center project will involve the construction of approximately 700 cabinets, each housing five servers, with a cost structure that emphasizes low infrastructure costs and a rolling investment strategy to meet customer demand [2] Technological Insights - The computing center is designed to address long-term pain points in cloud terminal business, supporting core operations and covering four key scenarios: cloud gaming, marketing cloud phones, cloud applications, and general terminal/cloud phones [3] - The establishment of the computing center is expected to significantly reduce costs, with estimated savings of about 60% per instance compared to leasing arrangements [3] Business Model and Ecosystem - The company is developing a three-in-one infrastructure platform that integrates "cloud terminal + computing + AI services," aiming to create a core AI general terminal ecosystem [4] - The three main business pillars form an organic synergy, with the computing center providing the "brain," IoT terminals serving as the "body," and thin terminal SoC chips acting as the "nervous system" [4] - The company plans to innovate its business model by offering SoC chips at low or no cost to capture the next generation of AI terminals, generating revenue through monthly computing rentals and cloud service subscriptions [5] Transformation and Future Outlook - The company is transitioning from a "service platform" to an "ecosystem platform," with a focus on capturing high points in the industrial value chain through computing operations and AI empowerment [6]

Group 1 - Company reported Q3 performance with revenue of approximately 1.551 billion yuan, a year-on-year increase of 41.64% [1] - Net profit attributable to shareholders was about 134 million yuan, reflecting a year-on-year increase of 46.65% [1] - Basic earnings per share reached 0.4745 yuan, up 12.98% year-on-year [1] Group 2 - As of the report, the company's market capitalization stands at 9.3 billion yuan [2]